Learn which Forex pairs to focus on this week with our forecasts here:
has spent most of the week falling, but after the jobs number on Friday, we started to see bullish pressure again, as the jobs number showed that wages are seen less inflation in the United States, so, therefore, traders started to focus on the fact that the Federal Reserve may someday slow down its tightening cycle.
That is not going to be true, so it’ll be interesting to see how this market plays out. In the short term, it looks like we continue to bounce around the 1.21 level as a pivot in the market.has initially fallen during the week as well, dipping below the 50-Week EMA, only to turn around and show signs of life. The 1.06 level continues to be a significant magnet for prices, and I do think that it is probably only a matter of time before we see the market have to make a bigger decision.
Breaking below the 0.92 level could open up a move down to the 0.90 level, but when you look to the left on the chart, there is a ton of support in this area. In other words, I think we chop in this general vicinity on short-term charts more than anything else.traders were bullish during the beginning part of the week but started to sell off again against the British pound. We are at the top of a consolidation area that focuses on the 0.88 level, so if we do see a selloff below the bottom of the candlestick, it could open up a move down to the 0.86 level.
Overall, I think this is a market that will be very noisy and back and forth as we hover around the ¥160 level.
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